November 18, 2022 7:51am

Framing the main takeaway … pricing, volume as machine trading creates more volatility and less liquidity! So, I say skim if you can trim, buy if it will fly and sell if compelled!

Indications:  1 Maintaining SELL, 1 Sell into Strength, 1 Positive Indication and 1 Pump/Promote

A daily report may say little or a lot and its final judgement may be inconclusive; yet it serves as insurance that all indications are being examined, evaluated and reported.

I don’t seek fame, do podcasts or give speeches; what I do is write this blog/newsletter to inform investors with facts and supporting numbers focused on what they need to hear that others won’t say or write - truth!

Week’s end – TGIF!

8:00 a.m. edition

Remember that overnight and pre-open actions in futures don't necessarily translate into actual trading in the coming day’s session.


Dow futures are UP +0.51% or (+171 points), S&P futures are UP +0.71% or (+28 points) and NASDAQ futures are UP +0.89% or (+104 points) early in the pre-open – so far,

Stock futures are rising on Friday,

European markets were higher,

Asia-Pacific markets trade mixed.



We need to understand the macro to comprehend the micro re “our” universe of cell and gene therapy companies …

Indexes fell Thursday and bond yields jumped as Fed officials signaled their rate-hiking campaign to slow inflation is far from over.

  • The Dow closed DOWN -6.46 points (-0.02%), the S&P closed DOWN -11.97 points (-0.30%) while the Nasdaq closed DOWN -38.70 points (-0.35%)

Economic Data Docket: existing home sales for any indication of a cooling economy. Boston Fed President Susan Collins will speak in the morning.


Thursday’s (11/17) … RegMed Investors’ (RMi) closing bell: “RegMed Investors’ (RMi) closing bell: skipping stones and stocks.” …


Ebb and flow:

Q4 – November - 9 negative and 5 positive closes

·         October -1 neutral, 11 positive and 9 negative closes

Q3/22 –

·         September – 1 holiday, 10 positive and 11 negative closes

·         August – 1 neutral, 11 positive and 11 negative closes

·         July - 1 holiday, 10 negative and 10 positive closes


Companies in my headlights – It’s your decision; I provide ideas and context: INDICATIONS

Maintaining SELL:

Avrobio (AVRO) closed up +$0.04 to $0.79 after Wednesday’s +$0.0016 to $0.74, Tuesday’s -$0.0218 and Monday’s -$0.03 with a positive +$0.01 or +1.01% pre-open indication. Still delisted on its 58th session but, has registered with a $250 million debt, stock, preferred, warrant etc. offering by Cowen …   


Positive Indications:

Beam Therapeutics (BEAM) closed down -$0.45 to $47.34 after Wednesday’s -$1.39, Tuesday’s -$0.56 and Monday’s -$1.19 with a positive +$0.66 or +1.39% pre-open indication.


Sell into Strength:

Prime Medicine (PRME) closed up +$1.58 to $19.80 after Wednesday’s -$1.98 to $18.22 with a positive +$0.65 or +3.28% pre-open indication,


Puff/Pump and Promote: Maintaining SELL

Biostage (OTCQB: BSTG) closed up +$0.35 with 2,947 shares traded after Wednesday’s -$0.15 with 228 shares traded, Tuesday’s -$0.60 with 2,231 shares traded, Monday’s +$0.71 with 239 shares traded and last Friday’s $0.00 with 8 shares traded to $6.19 <3-month average = 2,440 shares>

A DRAFT prospectus is filed … SEC Form S-1/A  … . Questions arise as to draft prospectus statement of non-reliance of past financials?  Hey, CFO Joe some of us have copies of lost “payables”?


The BOTTOM LINE: I won’t apologize for being a “Devil’s Advocate” challenging views or consensus by building a better or possible case for an explanation of today’s actions.

·         Investors should be cautious in the current market, adding exposure slowly and ready to take profits and cut losses quickly.

The sector remains choppy, with rotation and big intraday swings complicating matters. Buying opportunities have often been about when algorithms the rug out from investors.

Guidance on cell and gene therapy sector investing … partners, cash positions and on what percentage ownership of stock … NOT options CEOs and management teams own versus their salary and bonus.”

·         CEO salaries, spending within G&A are totally OUT-OF-WHACK; these are companies in early development stages and will be for years without products in most cases not like the tech companies, whose CEOs and management teams think sector management teams should be compared to for bi-weekly cash and “beanies”!

I also tend to be …EARLY in recommendations referencing indications; I learned very early (military), if you weren’t 5 minutes early for a meeting, you were 10 minutes late – be early in portfolio deliberations.

·         Defining the terms of my written words, “An indication can be a development of almost any kind. Specifically, it may be a confirmed fact, a possible fact, or an absence of “something”, a fragment of information or even an observation. The sole provision is that it provides insight to provide some vision into a likely course of action.”

Always’ remember and do NOT forget, today’s investors’ gold is a trader’s disposable tin.

Earnings season is all but over; the issue is “runways” or cash positions: who’s got it, who doesn’t, and when will cash run-out. With capital markets closed or tight, companies better be conserving.

Reiterating, “Kenny Storch at BTIG, states there are 226 public biotech companies trading below cash currently; with 1 out of 5 in the Nasdaq Biotech Index trading below cash.”

What’s SAFE … “No one company is immune in the sector and this market of rolling downdrafts?”

My guide to 'good news seems to be bad news' and 'bad news is good news. 'In normal times, no one really questions whether good news in the economy is actually good.

Amid the ongoing cell and gene therapy sector volatility, “our” universe’s trend remains " in a constant correction." That means that investors are safer on the sidelines as again … earnings are coming.

If you have gains, you might want to lock-in profit (if any) … before earnings season begins!

Insight is about understanding perception and also about putting into context what is relevant to expectation fulfillment


Opinions expressed are those of the author and are subject to change, and not intended to be a forecast of future events, a guarantee of future results, nor investment advice.

All investments are subject to risks. Investors should consider investment objectives.

Regulation Analyst Certification (Reg AC): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

Henry McCusker, the editor and publisher of RegMed Investors does not hold or have positions securities referred to in this publication.